You might feel better informed and more comfortable around bankruptcy if you knew just a little bit about the federal Bankruptcy Code. Empowered by the U.S. Constitution The United States Constitution gives Congress the power “to establish... uniform laws on the subject of ... Read More »
Effect of Divorce on Filing Bankruptcy Again
The timing rules don’t change if you filed bankruptcy before your divorce and now need a new one. But there ARE some important twists. Divorce is often financially devastating. So, even if you and your ex-spouse filed bankruptcy earlier, before the divorce, you may need to seriously consider ... Read More »
Chapter 7 vs. Chapter 13 and the Time Element
Chapter 7 is quick. It’s usually best when it discharges most of your debts. Chapter 13 gives you time to address debts Chapter 7 doesn’t. A Big Difference—Time There are many practical differences between Chapter 7 and 13. Today we focus on how these two options ... Read More »
The Chapters of Bankruptcy
The bankruptcy options are contained in Chapters 7, 9, 11, 12, and 13 of the U.S. Bankruptcy Code. Bankruptcy Law, Organized All of the “general and permanent laws of the United States” are contained in the United States Code. The U.S. Code is divided by subject matter into 53 ... Read More »
Chapter 7 Helps with Income Tax Debt Even Without Writing off Any of It
Are your income taxes are too new to be written off with a Chapter 7 bankruptcy? Nevertheless sometimes Chapter 7 is still your best option. The last blog post was about the conditions an income tax debt must meet to be discharged (legally written-off). What if none of the income taxes you ... Read More »
If You Filed Bankruptcy Before, When Exactly Can You File Again?
To file a bankruptcy case after filing one earlier, sometimes you must wait 8 years but it may be only 6 or 4 or 2 years, or even 0 years. To Get a Discharge—a Legal Write-off—of Debts There are various rules about qualifying to file bankruptcy. Some of those rules involve ... Read More »
Your Simple Debts, Your Complicated Debts
Chapter 7 gives you a fresh financial start by legally erasing most of your debts. That’s great if your debts are simple ones. Simple Debts and Complicated Ones You have debts that are overwhelming you. If you go through a procedure called Chapter 7 “straight bankruptcy,” in ... Read More »
Discharging Your Debts in Bankruptcy
If you need a fresh financial start, you can get there through a "discharge"--permanent legal elimination--of your debts. Whether you file a Chapter 7 “straight bankruptcy” or Chapter 13 “adjustment of debts,” they are both designed to finish with a discharge of some or all of your debts. A ... Read More »
The U.S. Constitution and Code on Bankruptcy
Bankruptcy is federal law, based on the U.S. Constitution and found in the Bankruptcy Code at Title 11 of the U.S. Code. If you’re considering bankruptcy and are trying to read up on it, this may help make sense of it. The U.S. Constitution The Constitution gave Congress the power “to ... Read More »
Bankruptcy Simplified
Bankruptcy gives you two main options--Chapter 7 and 13--and then options within those, for taking charge of your financial life. What is Bankruptcy? Bankruptcy is a legal option for dealing with your debts. It enables you to face your financial life in an honest and realistic way. It ... Read More »
